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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB2474
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley SYNOPSIS AS INTRODUCED: |
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35 ILCS 5/501 |
from Ch. 120, par. 5-501 |
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Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning notices or regulations requiring records, statements, and special reports.
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A BILL FOR
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HB2474 |
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LRB095 00894 BDD 20896 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by |
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| changing Section 501 as follows:
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| (35 ILCS 5/501) (from Ch. 120, par. 5-501)
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| Sec. 501. Notice
or Regulations Requiring Records, |
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| Statements and Special Returns.
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| (a) In general. Every person liable for any tax imposed by |
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| this Act shall keep such
records, render such statements, make |
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| such returns and
and notices, and comply
with such rules and |
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| regulations as the Department may from time to time
prescribe. |
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| Whenever in the judgment of the Director it is necessary, he |
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| may
require any person, by notice served upon such person or by |
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| regulations, to
make such returns and notices, render such |
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| statements, or keep such
records, as the Director deems |
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| sufficient to show whether or not such
person is liable for tax |
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| under this Act. |
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| (b) Reportable transactions. For each taxable year in which |
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| a taxpayer is required to make a disclosure statement under |
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| Treasury Regulations Section 1.6011-4 (26 CFR 1.6011-4) |
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| (including any taxpayer that is a member of a consolidated |
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| group required to make such disclosure) with respect to a |